Related Articles

Volcker Rule: Enough to Safeguard Our Future?

12/10/2013 9:13AM

As Washington gets set to vote on the Volcker rule, many financial institutions are worried about how this policy of financial reform will impact the way they do business. Mary-Beth Fisher, Societe Generale Managing Director, discusses. Photo: Getty Images.

This transcript has been automatically generated and may not be 100% accurate.

... the ... Washington gets ... a vote on a key piece of financial reform we will have back and mall ... right and right now ... on the New Saab good morning and welcome I'm Simon console of Washington getting set to vote on the so-called Volcker rule ... many financial institutions the wide about ... how this policy of finance reform will impact the way they do business going forward ... supporters argue that the regulation will protect the tax the unveiling of the banks in a future crisis ... although some critics argue that regulating the past would safeguard the future ... one such critic joins me now is Mary Beth Fisher Chisholm an American society general Adelson head of U S interest rate strategy which is an enormous role thank you for taking come ... amid some time away ... we will miss the we don't want to have on nom of ... some hundred mainline billion toll of bailout of the full facts on the taxpayer time right you don't think this is the isthe is the way to do it one one ARMs and out on ... a price that that since he didn't quote I that ... that Parker now aam ... that work was originally funded for that of ... the financial crisis seven hundred billion ... only two hundred and fifty billion of that ever actually went to the banks and ten aam ... in terms that two hundred fifty billion of banks have completely repaid in and paid interest to the tune of two hundred and eighty billion ... so there was not one dime of taxpayer money that was lost ... and in fact the taxpayers actually made about thirty billion dollars of the entire bailout but there was a bit of the Volcker rule is about not ... known to the idea was that we don't want banks to gamble with with with money that's federally insured by the FDIC ... that's the idea here is a condo out now and speculates ... you say though that small and walk ... out I think that ... first of all its there's already laws in place that the Federal Reserve Act twenty three and twenty three B ... Artie Protect STI answer insured money into a foster mom and dad's money ... does not go to speculative trading in announcing its arty against a law banning of the law for years whenever that that that ever ... regulation retooling in place ... so ... this is really about not wanting investment banks or subsidiaries him thanks aam ... to make speculative profits ... aam now that's kind of legislating a business model S deciding that ... sanctioning ... proprietary trader and money ... ok you can do that ... aam but in Europe saying ... that included a sequence of regulations as to say ... what you think of proprietary trading that use of the public on the poly who has them money in banks those of them with bank accounts of Larry WA read ... about a ... Unum appeals to the money out and another taxpayer bailouts ... if ... if if if I tell them that if a bank in the future does to enroll in the financial system looks like it's a it's an Crysis ... Choo Choo we say to the banks to file ... the FDIC insured Monday it was a Tuesday was on the bubble pop of the bank whirled and the find is that what you is that what you're saying or is time well ... this is not gonna help that was still on the hook ... I'm saying that's ... proprietary trading was in a big part of the financial crisis and ... family are sort of trying to take a swing at something that wasn't a big player in the financial crisis to begin with ... and so I don't think that ... will this dampen down some of the risk that banks take absolutely really well but not an officer is when your sign ... and and and very quickly why Apple would be enough ... and I slack off question I was a very tough question because no one in a note no one wants to see the deposits is a bit and no one has ... the world's moral strapped was strapped for cash ... we don't want a bailout bank is again ... sorry but ... we're ... taking money back ... Bogut but I know what happen again anyway interesting stuff thank you Brian much Mary Beth ... of society general